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Oil & Gas

PA Resources to sell oil and gas assets, CFO to depart

17/11/2015

PA Resources said it will sell off all of its oil and gas assets as the company’s chief financial officer also revealed he will be leaving the firm. The Swedish Independent said a review of the company’s strategic options had been up for review since April this year. PA Resources said it had found no viable alternatives with regard to long-term financing or mergers and acquisitions.

Oil & Gas

Shell FPSO sets sail from Singapore

16/11/2015

Oil major Shell’s Turritella FPSO (floating production storage and offloading unit) has set sail from Singapore bound for the Gulf of Mexico. It will head to the Stones Project, 200miles southwest of New Orleans, in the Walker Ridge area. The vessel set sail from Singapore earlier this month and will connect to subsea infrastructure in water depths of 9500ft.

Oil & Gas

Caspian Energy resumes production from Kazakhstan field

16/11/2015

Caspian Energy said it had produced positive results on two of its existing wells in Kazakhstan. The company’s subsidiary, Aral Petroleum, has just completed a period of test production at the East Zhagabulak field in Aktobe Oblast. After 10 months of inactivity, operating staff performed basic geological and mechanical tests which involved re-opening the wells and testing oil pressure.

Oil & Gas

Oil theft soars as downturn casts US roughnecks out of work

16/11/2015

The moon was a waning crescent sliver Sept. 9 when a man emerged from an oil tanker, sidled up to a well outside Cotulla, Texas, and siphoned off almost 200 barrels. Then, he drove two hours to a town where he sold his load on the black market for $10 a barrel, about a quarter of what West Texas Intermediate currently fetches.